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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 Under
the Securities Exchange Act of 1934
For the month of July, 2007
Cameco Corporation
(Commission file No. 1-14228)
2121 11th Street West
Saskatoon, Saskatchewan, Canada S7M 1J3
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b):
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Exhibit Index
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Exhibit No. |
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Description |
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Page No. |
1.
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Press Release dated July 20, 2007
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3-4 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Date: July 20, 2007 |
Cameco Corporation
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By: |
Gary M.S. Chad
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Gary M.S. Chad, Q.C. |
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Senior Vice-President,
Governance,
Legal and Regulatory Affairs, and
Corporate Secretary |
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Share |
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Listed |
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Symbol |
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web site address: |
TSX
NYSE
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CCO
CCJ
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www.cameco.com |
2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: (306) 956-6200 Fax: (306) 956-6201
Cameco Reports Chemicals Found Below Conversion Building
Saskatoon, Saskatchewan, Canada, July 20, 2007 . . . . . . . . . . . . . . .
Cameco Corporation reported today that during a construction project it discovered uranium and
evidence of other production-associated chemicals in the soil beneath its Port Hope uranium
hexafluoride (UF6) conversion plant. The affected area appears to be within, and near,
the perimeter walls of the UF6 plant based on the preliminary information available at
this time. Ongoing subsoil investigations are expected to provide additional information. Cameco
has suspended operations at the UF6 conversion plant and a thorough investigation is
being conducted. The chemicals are in a contained area so public health and worker safety are not
affected.
The discovery was made in an area being excavated within the building for the installation of new
equipment. Cameco and third-party experts are investigating to determine the source of the
chemicals. In addition, holes are being drilled around the area and the soil and ground water are
being tested to ascertain the area affected. All regulatory authorities have been notified.
Due to the nature of soil at the plant, Cameco expects the ground water flow rate, with the
chemicals, to average approximately 40 to 60 metres each year. The perimeter of the plant is about
70 metres from the edge of the property. This provides ample time to address, contain and mitigate
the affected area. Cameco has monitoring wells around the property to detect chemicals in the area.
These wells are checked quarterly and reported to the regulator annually. The last scheduled
samples were taken in April and did not indicate potential issues. Cameco has arranged for
additional samples to be taken.
Full production of UF6 will likely be suspended for a minimum of two months until Cameco
has determined the source of the chemicals and developed appropriate plans. There is no cost
estimate for this activity available at this time. Uranium dioxide (UO2) conversion and
other activities at the site are not affected.
Cameco is assessing the impact of this situation on its production forecasts and will provide a
revised forecast in its second quarter report.
The company plans to meet scheduled deliveries for the remainder of the year based on existing
inventory.
Cameco is not planning layoffs and will look for alternate assignments for employees. There are
approximately 420 employees at the Port Hope conversion facility.
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Cameco, with its head office in Saskatoon, Saskatchewan, is the worlds largest uranium producer.
The companys uranium products are used to generate electricity in nuclear energy plants around the
world, providing one of the cleanest sources of energy available today. Camecos shares trade on
the Toronto and New York stock exchanges.
Statements contained in this news release, which are not historical facts, are forward-looking
statements that involve risks, uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such forward-looking statements. Factors that
could cause such differences, without limiting the generality of the following, include: the impact
of the sales volume of fuel fabrication services, uranium, conversion services, electricity
generated and gold; volatility and sensitivity to market prices for uranium, conversion services,
electricity in Ontario and gold; competition; the impact of change in
foreign currency exchange rates and interest rates; imprecision in decommissioning, reclamation, reserve and tax estimates;
environmental and safety risks including increased regulatory burdens and long-term waste disposal;
unexpected geological or hydrological conditions; adverse mining conditions; political risks
arising from operating in certain developing countries; terrorism; sabotage; a possible
deterioration in political support for nuclear energy; changes in government regulations and
policies, including tax and trade laws and policies; demand for nuclear power; replacement of
production; failure to obtain or maintain necessary permits and approvals from government
authorities; legislative and regulatory initiatives regarding deregulation, regulation or
restructuring of the electric utility industry in Ontario; Ontario electricity rate regulations;
natural phenomena including inclement weather conditions, fire, flood, underground floods,
earthquakes, pit wall failure and cave-ins; ability to maintain and further improve positive labour
relations; strikes or lockouts; operating performance, disruption in the operation of, and life of
the companys and customers facilities; decrease in electrical production due to planned outages
extending beyond their scheduled periods or unplanned outages; success of planned development
projects; and other development and operating risks.
Although Cameco believes that the assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these statements, which only apply as of the
date of this report. Cameco disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
- End -
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Investor and media inquiries:
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Alice Wong
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(306) 956-6337 |
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Investor inquiries:
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Bob Lillie
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(306) 956-6639 |
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Media inquiries:
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Lyle Krahn
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(306) 956-6316 |